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Foreclosure in El Cerrito : Real Estate Advice

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  • Local Info4
  • Home Buying9
  • Home Selling2
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Activity 3
Wed Apr 6, 2011
Kamal Randhawa answered:
Hello Danny,

The home, if it was in better condition would be worth more but I agree with you, even at that price...and due to the condition of the home, it's ridiculous to be asking for that much. On top that, they are looking for all cash buyers. I would say good luck to them and look for something else. If you like, I can email you the detailed listing.

Please feel free to call or email me if I can be of further assistance.

sorry, had to retype due to a typo. :)
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Mon Jul 27, 2009
Tomi Thomas answered:
You did not mention what your reason for purchasing is...personal home, or investment property. Sounds like you may feel that a "good deal" is defined by getting it for less than the offer price, or that the sale price should be related to the auction price. It's not, so don't let yourself get tripped up and miss a great opportunity. My advice is to look at similar sales of homes in recent months by private sellers, rather than foreclosed properties, and make adjustments based on repair costs. Don't get hung up on the list price, but determine, with your agent, the real value of the property in today's market. Even bank owned properties are often receiving competitive offers, and you don't want to miss out on the opportunity all together by being so cagey that a quicker buyer snaps it up.

If it has been on the market for a while and there are no offers, then it is overpriced. Offer what you think it is truly worth based on actual comps, and if they don't take it, move on to the next property. You can always keep an eye on it if the price drops.
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